UPDATER SERVICES LIMITED

Provides integrated facility management (IFM) and business support services (BSS) to enterprise clients, with 36,991 employees on the rolls as of Q1 FY27. IFM is the larger line at 69.2% of FY26 segment revenue (₹2,048.024 cr) and covers hard and soft facility services for commercial, industrial and warehousing customers, plus a flight-handling business operating across 23 airports. BSS contributed ₹967.819 cr (32.7% of FY26 segment revenue) through sales outsourcing (Denave), customer-engagement and agentic-AI work (Athena) and back-office BPO (Matrix). In Q1 FY27, IFM revenue grew 11% YoY to ₹525 cr on six new client wins, while BSS reached ₹253 cr at a 7.5% EBITDA margin — lifted by Matrix's EBITDA margin stepping up to 13.1% from 7.6% YoY. The model is labour-intensive: employee costs are 78.1% of revenue, with materials at 3.1%, other opex 14.1% and depreciation 1.6%. FY26 consolidated revenue was ₹2,939.507 cr with an EBITDA margin of 5.0857% and net profit of ₹82.779 cr. The balance sheet is net cash, with net debt/equity at -0.24 and over ₹300 cr of cash as of June 2026.